SOURCE: AirTouch Communications, Inc.

AirTouch Communications, Inc.

August 22, 2011 09:30 ET

AirTouch® Communications, Inc. Announces Closing of PIPE Financing

NEWPORT BEACH, CA--(Marketwire - Aug 22, 2011) - AirTouch Communications, Inc. (OTCBB: ATCH) (formerly known as Waxess Holdings, Inc.) www.airtouchinc.com announced that it has closed a $12,000,000 PIPE financing.

AirTouch® entered into subscription agreements with certain investors whereby it sold an aggregate of 480 Units, with each Unit consisting of 12,500 shares of the Company's common stock and one two-year warrant to purchase 12,500 additional shares of common stock at an exercise price of $3.00 per share for a per unit purchase price of $25,000 and an aggregate gross proceeds of $12,000,000.

AirTouch® has entered into registration rights agreements with the investors, pursuant to which the Company has agreed to file a "resale" registration statement with the SEC within 45 days from the final closing date of the offering, covering all shares of the common stock sold in the offering, including the shares of common stock underlying the warrant and the shares of common stock underlying the warrants issued to the placement agent(s).

The Company has agreed to maintain the effectiveness of the registration statement from its effectiveness date through and until 12 months after the closing date unless all securities registered under the registration statement have been sold or are otherwise able to be sold pursuant to Rule 144. The Company has agreed to use its reasonable best efforts to have the registration statement declared effective within 180 days from the closing date.

AirTouch® will use the funds for research and development activities, marketing, for working capital as well as general corporate purposes.

Dawson James Securities acted as the sole lead placement agent for these transactions. David Weinstein, of the Boca Raton office of Dawson James, was the lead banker.

Commenting on the financing, Mr. Jerome Kaiser, Chief Financial Officer of AirTouch® Communications, stated, "We are very pleased that our PIPE transaction has met with a strong reception and vote of confidence from current and new investors who recognize the exciting dynamics of our plan to converge wireless and landline communications. The funds will allow AirTouch® Communications to execute its strategic plan and build value for its shareholders."

About AirTouch® Communications, Inc. (formerly known as Waxess Holdings, Inc.)

AirTouch® Communications, Inc. is engaged in the development and marketing of patented telecommunications devices capable of converging traditional landline, cellular and data services and much more. We currently hold three patents for our unique combination of cordless telephone technology and wireless signal amplification which enables consumers and business to access voice, high speed video, and data over the cellular wireless network.

Forward-Looking Statement
These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. In evaluating these statements, you should specifically consider various factors, including the risks outlined under "Risk Factors" in our Private Placement Memorandum. These and other factors may cause our actual results to differ materially from any forward-looking statement. We undertake no obligation to update any of the forward-looking statements after the date of this presentation to conform those statements to reflect the occurrence of unanticipated events, except as required by applicable law.

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